SANTA MONICA, CA-Owners of the 198-room Shutters on the Beach hotel have secured $112.5 million in a refinancing loan arranged by the Los Angeles office of Holliday Fenoglio Fowler.Scott McMullin and Anita Paryani of HFF report that the hotel owner, the Edward Thomas Cos. of Beverly Hills, landed the two-year, plus options, adjustable rate financing through JPMorgan Mortgage Capital, a conduit lender. Thomas Cos. is a hotel developer and operator with ownerships dating back to 1953 and, in addition to owning Shutters, owns the 129-room Casa del Mar at 1900 Ocean Way in Santa Monica. McMullin notes that Thomas obtained the high leverage financing on a tight schedule because the loan was prescreened before the application was submitted.Shutters on the Beach occupies a site at the intersection of Pico Boulevard and Ocean Avenue on the sand, adjacent to Santa Monica Pier and near Third Street Promenade, Main Street and Montana Avenue. The 198 rooms are in two buildings, a 41-room Beach House and 157-room Ocean House. The property also includes two restaurants, meeting space, a parking garage, an outdoor swimming pool and a health club. The Thomas Cos. also owns the historic Casa del Mar luxury hotel adjacent to Shutters as part of ET Whitehall Seascape LLC, which secured $48 million in refinancing for the 129-room property in September, as reported on That deal also was arranged by McMullin of HFF. Besides Thomas, the members of ET Whitehall Seascape LLC include Whitehall Street Real Estate Limited Partnership IX, along with certain affiliates. The Casa del Mar originally opened in 1926 as a beach club and hotel in the Renaissance Revival style. It was known for its active social scene and, during World War II, the hotel was converted to military use.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.